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Audience

Important fund objective changes

Funds with objective changes within the last ten years can be found in the table below.

Fund

Event

Date

Previous objective

Asian Fund

Objective change and name change from M&G South East Asia Fund

24 March 2006

The Fund’s sole objective is long term capital growth. It invests wholly or predominantly in a wide range of South-East Asian (including Australasian) securities. When not wholly invested as above, the Fund may also invest in other companies which are listed or trading within this area. The Fund will not, however, invest in Japanese securities. Income is not a consideration when investments are selected.

Corporate Bond Fund

Objective change

1 September 2008

The Fund invests in sterling denominated fixed and variable rate securities, including corporate bonds and debentures with the aim of achieving a higher return from investment than would be obtainable in UK government fixed interest securities (i.e. gilts) of similar maturities. The Fund may, however, hold gilts where it is deemed appropriate. The investment manager has the power to use futures traded or dealt on an eligible derivatives market (currently being The London International Financial Futures and Options Exchange) for the purpose of hedging the capital value of the Fund against the risks of adverse movements in long term interest rates. More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

- the Government of the United Kingdom or of a Member State* other than the United Kingdom;

- the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;

- the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation.

* Member State: those countries which are members of the European Union or the European Economic Area at any given time.

Corporate Bond Fund

Objective change

25 May 2017

The Fund aims to achieve a higher total return (the combination of income and growth of capital) from investment than would be obtainable in UK government fixed interest securities (ie gilts) of similar maturities.

Dividend Fund

Objective change

14 March 2011

The Fund invests mainly in a range of UK equities with the aim of achieving a steadily increasing income stream. The target yield is 33% higher than that of the FTSE All-Share Index but this may vary in the shorter term. Subject to this, the aim will be to maximise total return (the combination of income and growth of capital).

Emerging Markets Bond Fund

Policy change

19 April 2012

The Fund aims to maximise total return (the combination of income and growth of capital).

The Fund primarily invests in debt instruments issued by emerging market nations and their agencies. The Fund’s exposure to debt instruments may be gained through the use of derivatives. There are no restrictions on the currency in which debt instruments held in the portfolio may be issued, and accordingly the Fund may carry a greater than usual currency risk, which will not normally be hedged. The Fund may also invest in other assets including collective investment schemes, other transferable securities (including other debt instruments), cash and near cash, deposits, warrants, money market instruments and other derivative instruments.

Emerging Markets Bond Fund

Objective change

1 September 2008

The Fund aims to maximise total return primarily through investment in bonds issued by emerging market nations* and their agencies, though the Fund can also hold a proportion of its portfolio in other debt instruments. There are no restrictions on the currency in which bonds held in the portfolio may be issued, and accordingly the Fund may carry a greater than usual currency risk, which will not normally be hedged.
More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

- the Government of the United Kingdom or of a Member State** other than the United Kingdom;

- the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;

- the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation.

Note – Fund name change from M&G Episode Balanced Fund on 3 November 2014 (formerly M&G Cautious Multi Asset Fund). No change to the objective on this date.

22 August 2012

The Fund invests mainly in securities, fixed income assets, warrants, money market instruments, deposits, cash, near cash and property via collective investment schemes and, with the exception of property, by investing directly in these assets. The Fund may also invest directly in derivative instruments for the purposes of investment and efficient portfolio management. The Fund will invest no more than 60% of its portfolio in equities.

Episode Growth Fund

Objective change

16 January 2007

The Fund is an actively managed fund of funds investing in a range of M&G’s UK equity, international equity and fixed interest authorised collective investment schemes. Its objective is to maximise long term total return (the combination of income and growth of capital).

Episode Growth Fund

Objective change and name change from M&G Managed Fund

22 August 2012

The Fund invests mainly in securities, fixed income assets, warrants, money market instruments, deposits, cash, near cash and property mainly via collective investment schemes, but, with the exception of property, may invest directly in these assets. The Fund may also invest directly in derivative instruments for the purposes of investment and efficient portfolio management.

Episode Income Fund

Objective change and name change from M&G Income Multi Asset Fund

22 August 2012

The Fund invests in securities, fixed income assets, warrants, money market instruments, deposits and cash. Exposure to these assets, and to property, may also be gained via collective investment schemes and derivatives. The Manager may seek to minimise currency risk through a combination of diversification and hedging. Derivatives may also be used for efficient portfolio management purposes.

Episode Income Fund

Objective change

25 May 2017

The Fund’s objective is to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this, the Fund aims to provide capital growth over the long term.

European Corporate Bond Fund

Objective change

1 September 2008

The Fund invests mainly in investment grade corporate bonds denominated in any European currency, as well as in European currency denominated high yield corporate bonds and government and other public securities. The Fund aims to maximise total return (the combination of income and growth of capital) while generating a higher level of income than that from European government bonds of similar maturities.

European Corporate Bond Fund

Objective change

25 May 2017

As a result of the Swiss National Bank removing the currency peg since the balance sheet date, 31 December 2014, the Net Asset Value per share of the Swiss franc share classes has increased by approximately 12% to 12 February 2015.

European High Yield Bond Fund

Objective change

1 September 2008

The Fund aims to maximise total return while providing investors with a high level of income, though this may vary. The portfolio may consist of bonds denominated in any European currency. The Fund may invest in corporate bonds as well as government and other public securities. While the investment manager has the power to hedge the currency risk for UK investors, the Fund will normally be managed so as to give investors exposure to European currencies. More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

- the Government of the United Kingdom or of a Member State* other than the United Kingdom;

- the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;

- the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation.

* Member State: those countries which are members of the European Union or the European Economic Area at any given time.

European High Yield Bond Fund

Objective change

25 May 2017

The Fund aims to maximise total return (the combination of income and growth of capital) while generating a high level of income.

European Select Fund

Objective change and name change from M&G European Fund

6 November 2015

The Fund’s prime objective is long term capital growth. It invests wholly or predominantly in a diversified portfolio of securities of European (excluding United Kingdom) issuers. When not wholly invested as above, it may also invest in companies which are listed or registered outside Europe but trade within it. Income is of secondary importance when investments are selected.

Gilt & Fixed Interest Income Fund

Objective change

1 September 2008

The Fund is designed to provide a high and secure income, with stability of capital. The Fund invests in short, medium or long-dated government stocks according to M&G’s view at any given moment of the likely course of interest rates and trend of the gilt-edged market. The Fund is able to invest a proportion of the assets in dated debenture or loan stocks, if these provide good relative value. More than 35% in value of the property of the Fund consists of government and other public securities issued or guaranteed by the Government of the United Kingdom (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales) and it is intended that this should continue to be the case.

Gilt & Fixed Interest Income Fund

Objective change

26 June 2017

The Fund is designed to provide a secure income with stability of capital consistent with investment in gilts over a rolling three to five year period. There is no guarantee that the Fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and investors may not recoup the original amount they invested.

Global Dividend Fund

Objective change

25 May 2017

The Fund aims to deliver a dividend yield above the market average, by investing mainly in a range of global equities. The Fund aims to grow distributions over the long term whilst also maximising total return (the combination of income and growth of capital).

The Fund invests in a wide range of international equities (excluding UK) with the sole objective of capital growth. The geographical split of the portfolio will vary according to market conditions.

Global Government Bond Fund

Objective change

Name change from M&G International Sovereign Bond Fund on 9 August 2014. No change to the objective on this date.

1 September 2008

The Fund aims to maximise total return through investment in a portfolio of high grade fixed interest (including floating rate) securities denominated in non-sterling currencies. The portfolio will primarily consist of sovereign debt securities denominated in the currencies of the major industrialised nations, with the exception of the UK. While the investment manager has power to hedge the currency risk for UK investors, the Fund will normally be managed so as to give exposure to non-sterling currencies.
More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

- the Government of the United Kingdom or of a Member State other than the United Kingdom;

- the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;

- the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation.

Global Government Bond Fund

Objective change and name change from M&G International Sovereign Bond Fund

1 July 2014

The Fund aims to maximise total return (the combination of income and growth of capital) through investment in a portfolio of investment grade debt instruments.

Global High Yield Bond Fund

Objective change

Note - Name change from M&G High Yield Corporate Bond Fund on 8 August 2014. No change to the objective on this date.

1 September 2008

The Fund invests predominantly in higher yielding fixed and variable rate securities, including corporate bonds and debentures. The Fund is designed to maximise total return while generating a high level of income. In addition to sterling denominated securities, the portfolio may include gilts and securities denominated in other European currencies, US dollars or yen, should the investment managers deem these to be appropriate investments. The sterling based nature of the investor base will be considered at all times. The investment manager has the power to use futures traded or dealt on eligible derivatives markets (currently being The London International Financial Futures and Options Exchange) for the purpose of hedging the capital value of the Fund against the risks of adverse movements in long term interest rates. Any currency exposures within the Fund may be managed by forward currency hedges into sterling.

Global High Yield Bond Fund

Objective change

25 May 2017

The Fund is designed to maximise total return (the combination of income and growth of capital) while generating a high level of income.

Global Macro Bond Fund

Objective change and name changed from M&G Global Managed Bond Fund

16 January
2007

The Fund is an actively managed fund of funds investing in M&G’s wide range of fixed interest authorised collective investment schemes. The Fund is designed to maximise total return (the combination of income and growth of capital) while providing a significant level of income, though this may vary.

Global Select Fund

Objective change and name changed from M&G Global Growth Fund

6 November 2015

The Fund will invest globally (including the UK) in the equities of companies across a wide range of geographies, sectors and market capitalisations. Income is of secondary importance to capital growth when investments are selected.

Global Select Fund

Objective change

17 November 2017

The fund aims to provide income and capital growth over five years or more by investing mainly in a range of company shares from anywhere in the world.

Global Recovery Fund

Objective and name change from M&G International Specialist Equity Fund

6 November 2015

The fund aims to maximise long term capital growth. Income is not a consideration

Global Themes Fund

Objective and name change from M&G Global Basics Fund

17 November 2017

The fund aims to grow capital over five years or more.
Core investment: At least 70% of the fund is invested in the shares of companies from anywhere in the world that operate in primary industries (such as mining and agriculture) and secondary industries (such as manufacturing), and also in companies that service these industries.
Other investments: The fund may also invest in the shares of companies from other types of businesses. Generally, less than 10% is held as cash or assets that can be turned into cash quickly.
Strategy in brief: The fund manager focuses on shares in companies that operate in primary industries (such as mining and agriculture) and secondary industries (such as manufacturing), and also in companies that service these industries. The emphasis is to identify and exploit investment themes that are likely to be the key long-term drivers of growth and select those companies best equipped to benefit from these themes. The fund manager follows a high-conviction global equity strategy which seeks to deliver long-term capital growth.

Index-Linked Bond Fund

Objective change and name change from M&G Real Yield Fund

1 September 2008

The Fund aims to secure the value of capital and income from the effects of inflation, with a long term total return in excess of any upward movement in the UK Retail Prices Index. The portfolio will normally focus on index linked gilts, though may contain other securities consistent with this aim. Non-sterling denominated securities may be held and, if deemed appropriate by the investment manager, the associated currency risks hedged. More than 35% of the value of the property of the Fund may be invested in Government and other public securities issued or guaranteed by any of:

- the Government of the United Kingdom (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales) or of a Member State other than the United Kingdom;

- the Government of Australia, Canada, Japan, New Zealand, Switzerland, USA;

- the African Development Bank, Asian Development Bank, Eurofima, European Economic Community, European Bank for Reconstruction and Development, European Coal and Steel Community, European Investment Bank, International Bank for Reconstruction and Development, International Financial Corporation.

Index-Linked Bond Fund

Objective change

26 June 2017

The Fund aims to secure the value of capital and income from the effects of inflation over a rolling five year period or longer with a total return consistent with investment in index-linked bonds. There is no guarantee that the Fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and investors may not recoup the original amount they invested.

Managed Growth Fund

Objective change

16 January 2007

The Fund is an actively managed fund of funds investing in M&G’s range of authorised collective investment schemes. Its sole objective is to achieve long term capital growth. The Fund may have significant holdings in funds investing overseas.

North American Dividend Fund

Objective change and name change from M&G American Fund

28 April 2015

The Fund’s objective is long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered or trading within North America.

North American Dividend Fund

Objective change (Formerly M&G American Fund)

24 March 2006

The Fund's sole objective is long term capital growth from a well spread portfolio of North American investments, predominantly in larger companies. It may also invest in Canada, and in other companies which are listed, registered or trading within North America. Income is not a consideration when investments are selected.

Pan European Dividend Fund

Objective change

25 May 2017

The Fund aims to deliver a dividend yield above the market average, by investing mainly in a range of European equities. The Fund aims to increase distributions over the long term whilst also maximising total return (the combination of income and growth of capital).

Pan European Select Fund

Objective change and name change from M&G Pan European Fund

6 November 2015

The Fund invests wholly or mainly in European (including UK) companies. The Fund may also invest in companies outside Europe but only when these companies derive the majority of their income from European activity. The objective is to maximise long term total return (the combination of income and growth of capital).

Pan European Select Fund

Objective change

17 November 2017

The fund aims to provide capital growth and income over five years or more by investing mainly in a range of company shares from across Europe, including the UK.

Recovery Fund

Objective Change

28 November 2005

The Fund primarily invests in a diversified range of companies which are out of favour, in difficulty or whose future prospects are not fully recognised by the market. The sole aim of the Fund is capital growth. There is no particular income yield target.

Short Dated Corporate Bond Fund

Objective change (formerly M&G High Interest Fund)

1 September 2008

Designed to provide income with stability of capital by investing in fixed interest securities which fit the purposes of the Scheme. These may include (but are not restricted to) floating rate notes, gilts, Treasury Bills and other instruments traded on the London Discount Market. More than 35% of the value of the property of the Fund may be invested in government and other public securities issued by the Government of the United Kingdom (including the Scottish Administration, the Executive Committee of the Northern Ireland Assembly and the National Assembly of Wales). The investment manager will hedge the property of the Scheme against fluctuations in price as and when they consider it appropriate with a view to achieving stability of capital. When entering into hedging, transactions are likely to be by way of traded futures and options although over-the-counter transactions may also be used.

Strategic Corporate Bond Fund

Objective change.

Note - Since 31 August 2009 a standalone OEIC (formerly part of Investment Funds (1))

31 August 2009

The Fund aims to maximise total return (the combination of income and growth of capital) through investment predominantly in investment grade corporate bonds, but may invest in other debt instruments, including higher yielding corporate bonds, government debt and convertible and preference stocks, as well as money market instruments and equities.

UK Income Distribution Fund

Objective change and name change from M&G Extra Income Fund

16 December 2016

To deliver a high and rising income stream by investing at least 70% of the Fund in the
shares of UK companies. The Fund targets a yield (annual income distributed as a
percentage of the share price) that is 50% higher than that of the FTSE All-Share
Index, but this may vary in the short term. The level of income provided may also vary
over time. Secondary to this, the Fund aims to grow capital

UK Select Fund

Objective change and name change from M&G UK Growth Fund

6 November 2015

The Fund invests principally in the equities of UK companies with high growth potential with the sole objective of capital growth. The Fund may at any time be concentrated in a limited number of equities. Income considerations are ignored.

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